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RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 27592
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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I live in Boca Raton Florida with my mother (87 years old).

Customer Question

I live in Boca Raton Florida with my mother (87 years old). At this time she pays a mortgage on her condo and only her name is ***** ***** property. At this time she does not have a will. If something were to happen to her what would happen to this property? I would be interested in keeping the condo and taking over the mortgage. She also has some credit card debt, would I be responsible for that?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 10 months ago.

Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help with your question and concern

Expert:  RealEstateAnswer replied 10 months ago.

Are you her only heir?

Customer: replied 10 months ago.
I also have a brother...he does not want the condo
Expert:  RealEstateAnswer replied 10 months ago.

Thank you. If she passes without a will, then you and your brother would share in her estate, with each receiving a 50% share/interest. If he does not want the condo, he would then need to disclaim/deny his share and it could pass to you and be titled solely in your name. At that point, you can continue to pay the mortgage but would need to inform the bank about her passing and ask about assuming the loan in your name or continuing to pay. As far as the credit card debt, that would be part of the estate and the executor would have to notify the creditors and they could get paid from the proceeds of her estate, as well. You personally would not be liable though.

Customer: replied 10 months ago.
My mother has no other income other than her social security check so there is no estate other than the condo.
Customer: replied 10 months ago.
I was told that if there was no will the condo would go to the state and it would be difficult for me to then take over the mortgage. Thank you for clearing that up for me.
Expert:  RealEstateAnswer replied 10 months ago.

When you die, your estate is responsible for paying off the balance. If the estate goes through probate, your administrator or executor will look at your assets and debts and determine in what order bills should be paid. Remaining assets will be distributed to heirs by following your will (if you have one), or state law (if you don't). If she has no money, then creditors are notified that the estate is insolvent. They write off the bills, and often that's the end of it. Children, friends, or relatives can't inherit debt. A card company can't legally force someone else to pay. However, depending on the amount owed, the condo may have to be sold to satisfy these debts, since the creditors are not going to likely just sit back and not get there money if there is equity in it and it can be sold to satisfy the debt. That is why it may be in her best interest to devise a will or create a trust, to allow this to pass to you and offer some protection.

Customer: replied 10 months ago.
She has about 8,000 credit card debt. That is her only debt.
Expert:  RealEstateAnswer replied 10 months ago.

Likely not large enough to force the sale of the condo but it is still in your best interest and hers, to sit down with an attorney who can speak with her about estate planning and avoiding any headaches for you.

Expert:  RealEstateAnswer replied 10 months ago.

Please let me know if you have any follow up questions or need any clarification on something which I stated above. Also, remember to rate my service at the top of this page, before exiting the site, so I can receive credit for my help. I hope you found it to be 5 STARS! Only rate my answer when you are 100% satisfied. If you feel the need to click either of the two lower ratings to the left, please stop and reply to me. I want to make sure your experience with the site was as pleasurable as possible and that you are satisfied with the help I provided.

Expert:  RealEstateAnswer replied 10 months ago.

I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!